Nashville’s August Bioservices completes $65 million Series B round
August Bio has more than doubled its employee size in two and one-half years and will double again by 2026 once the expansion is complete.
August Bioservices LLC, a Nashville-based pharmaceutical contract development and manufacturing organization (CDMO), has announced that it secured $65 million in Series B funding led by Oak HC/FT. That’s the same firm that led the Series A in July 2020. This round includes participation from another existing investor, Polaris Partners.
“We feel very fortunate to have our investors continue to support us,” said Jenn Adams, Chief Executive Officer of August Bio. The funding will allow the rapidly growing company, which was launched July 1, 2020, after acquiring PMI BioPharma Solutions, to add an additional sterile injectable filling suite to support high-speed liquid vial filling.
Adams (pictured here) says August Bio has more than doubled its employee size in two and one-half years and will double again by 2026 once the expansion is complete. “That time frame is the result of the roughly 30-month lead time on procuring and qualifying sterile injectable processing equipment.”
The new funding came as a result of conversations that August Bio was having with its customers to, as Adams explained it, “stay ahead of demand. There’s a scarcity for sterile injectable manufacturing. It’s complex to manufacture sterile injectable pharmaceuticals, which is a barrier to entry in this space.”
As a CDMO, August Bio provides drug discovery, development and pharmaceutical manufacturing services to its clients. The new funding will be used to expand August Bio’s capacity to meet the growing development and manufacturing needs of its current customers and new customers.
The expansion will add an additional filling suite with capacity for production of large batches, enabling August Bio to meet the pharmaceutical manufacturing needs for customers of all sizes. In addition, the company will fully automate downstream inspection, labeling and packaging processes in support of the increased throughput.
“Ultimately, we will be better resourced to deliver critical medications to patients who need them,” Adams said. “We are excited about the opportunity to scale our manufacturing capacity and we appreciate the continued support from our investors.”
We first spotlighted the company and Adams in this May 2021 teknovation.biz article, and followed soon thereafter with this article announcing a $23.6 million Series A extension round.
“This round is a testament to our support of August Bio’s plans to deliver greater impact through the expansion of high-quality aseptic fill/finish capacity,” said Andrew Adams of Oak HC/FT. “As demand increases for U.S.-based sterile injectable manufacturing, investment in companies like August Bio, with a rigorous commitment to quality, is essential.”
Former U.S. Senate Majority Leader Bill Frist had strong praise for the company.
“August Bio is an innovative and critical addition to the established healthcare and life sciences ecosystem in Nashville,” he told Adams. “Domestic pharmaceutical manufacturing capacity is an important element in providing high quality care to patients, and as August Bio adds capacity and jobs in Tennessee, it creates exciting opportunities for the state and the region.”
Click here to read the news release.
